Rising Costs of Long Term Care

The Chicago Sun Times had an article about the excessive cost of long term care. Long-term care costs are surging again and the most expensive option — a private nursing home room — may soon top $100,000 per year. This is shocking considering the epidemic of abuse and neglect in the nursing home industry.

The median cost of care increased an average of 4.5 percent this year, according to a survey released by Genworth Financial. The cost of home health aide services rose 6 percent, to $21.50 an hour. Private nursing home care now costs more than $97,000.

“Long-term care can impose a crushing financial burden on individuals or families in part because Medicare, the federal health coverage program for people over age 65, provides limited help. That can force people who don’t have private coverage to spend down their assets until they qualify for the government’s health insurance program for the poor, Medicaid.”